Tuesday, July 20, 2010

Tuesday 7/20/10 Market Update

There is no change in the primary count since yesterday's update. A (b) wave zigzag down since the 7/15 peak appears to be complete. The larger count below suggests (b) is within wave [y] of 2. This means wave (c) should be underway as a 5-wave pattern.

The count on this larger scale suggests a break above the trend lines shown with a possible higher high. Given this and the fact that the recent correction retraced ~50% of the 7/6-7/15 advance, it is possible that a large impulse wave higher is unfolding. This makes sense given the generally choppy decline since the April high.

The 1 minute chart above shows a clear impulse wave unfolding since today's morning low. It is possible it is winding down sooner than indicated above.

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